Iovance Biotherapeutics (NASDAQ:IOVA) Reaches New 12-Month High - Here's What Happened

Key Points

• Iovance Biotherapeutics shares reached a new 52-week high of $15.37, trading around $15.14, with a market capitalization of approximately $6.71 billion.
• Analyst sentiment is broadly positive, with nine Buy ratings, three Holds and one Sell; the average price target is $13.20, while Wells Fargo raised its target to $18.
• The company exceeded quarterly expectations, reporting revenue of $99.31 million—up 65.7% year over year—and an adjusted loss of $0.11 per share versus the $0.13 loss analysts expected. Institutional investors own about 77% of the stock.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday. The stock traded as high as $15.37 and last traded at $15.1370, with a volume of 1,808,888 shares changing hands. The stock had previously closed at $14.86.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on IOVA shares. Mizuho increased their price objective on shares of Iovance Biotherapeutics from $10.00 to $11.00 and gave the stock an "outperform" rating in a report on Tuesday, August 18th. UBS Group boosted their price objective on shares of Iovance Biotherapeutics from $4.00 to $7.00 and gave the company a "neutral" rating in a report on Thursday, August 20th. Citigroup reaffirmed an "outperform" rating on shares of Iovance Biotherapeutics in a research report on Friday, August 7th. The Goldman Sachs Group started coverage on Iovance Biotherapeutics in a report on Thursday, September 24th. They set a "buy" rating and a $15.00 target price for the company. Finally, Wells Fargo & Company boosted their price objective on shares of Iovance Biotherapeutics from $14.00 to $18.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 30th. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Iovance Biotherapeutics has an average rating of "Moderate Buy" and an average price target of $13.20.

Iovance Biotherapeutics Stock Performance

The firm has a market cap of $6.71 billion, a P/E ratio of -20.25 and a beta of 0.76. The firm's fifty day moving average is $10.49 and its 200 day moving average is $6.37.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last posted its earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. Iovance Biotherapeutics had a negative return on equity of 40.51% and a negative net margin of 89.11%. The company had revenue of $99.31 million during the quarter, compared to the consensus estimate of $87.83 million. During the same quarter last year, the firm earned ($0.33) earnings per share. The company's revenue was up 65.7% on a year-over-year basis. As a group, equities research analysts forecast that Iovance Biotherapeutics, Inc. will post -0.45 EPS for the current year.

Institutional Trading of Iovance Biotherapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. NorthCrest Asset Manangement LLC raised its stake in shares of Iovance Biotherapeutics by 5.4% during the third quarter. NorthCrest Asset Manangement LLC now owns 13,735 shares of the biotechnology company's stock valued at $204,000 after acquiring an additional 707 shares during the last quarter. Krilogy Financial LLC lifted its holdings in shares of Iovance Biotherapeutics by 6.6% during the third quarter. Krilogy Financial LLC now owns 16,662 shares of the biotechnology company's stock worth $243,000 after purchasing an additional 1,032 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in shares of Iovance Biotherapeutics by 5.4% during the second quarter. Sequoia Financial Advisors LLC now owns 32,957 shares of the biotechnology company's stock worth $137,000 after purchasing an additional 1,691 shares during the period. Abel Hall LLC grew its stake in shares of Iovance Biotherapeutics by 10.4% in the third quarter. Abel Hall LLC now owns 27,729 shares of the biotechnology company's stock worth $411,000 after purchasing an additional 2,610 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Iovance Biotherapeutics by 65.8% in the third quarter. GAMMA Investing LLC now owns 8,987 shares of the biotechnology company's stock valued at $133,000 after purchasing an additional 3,565 shares during the period. Institutional investors own 77.03% of the company's stock.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc NASDAQ: IOVA is a biotechnology company focused on developing and commercializing personalized cell therapies for patients with cancer. Its technology is based on tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient's tumor, expanded outside the body, and reinfused to help attack cancer cells.

The company's lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved in the United States for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment.

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